What You Need to Know About Bank of America Preferred Credit Card Program

The Bank of America Preferred Credit Card Program is a loyalty program designed to reward cardholders for their purchases.

To be eligible, you need to have a Bank of America credit card and make a minimum of $500 in purchases within a calendar year.

As a member, you can earn 10% points bonus on your purchases, which can be redeemed for rewards such as cashback, gift cards, or travel.

This program is a great way to maximize your rewards earnings and get the most out of your credit card.

The Bank of America Preferred Credit Card is a rewards program that allows eligible credit card holders to earn bonus rewards. It's part of Bank of America's Preferred Rewards program, which is designed to reward loyal customers.

Several popular Bank of America credit cards are eligible to earn bonus rewards through this program. These include the Bank of America Premium Rewards credit card, the Bank of America Customized Cash Rewards credit card, and the Bank of America Unlimited Cash Rewards credit card.

The Bank of America Customized Cash Rewards Credit Card for Students is also eligible, making it a great option for students looking to earn rewards. However, co-branded credit cards like the Alaska Airlines Visa Signature credit card and the Air France KLM World Elite Mastercard are not eligible.

Business credit cards are also not eligible to earn bonus rewards through this program. But, Bank of America does offer a separate rewards program for business credit cards that awards bonus points for spending on eligible business credit cards.

Here are some examples of eligible credit cards:

With Bank of America Preferred Rewards, you can earn a 25 percent rewards bonus when spending on eligible credit cards, including the Bank of America Customized Cash Rewards credit card.

This bonus can add up quickly, especially with cards like the Bank of America Unlimited Cash Rewards credit card, which offers an unlimited 1.5 percent cash back on all purchases, making it 1.87 percent back on purchases with the Preferred Rewards bonus.

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You'll also get a $200 reduction on the origination fee of a new purchase or refinance mortgage, which can help reduce closing costs and save even more on your monthly home payment.

In addition to these benefits, Preferred Rewards members get a 5 percent interest rate boost on a Bank of America Advantage Savings account and a 0.05 percent program fee discount on a Merrill Guided Investing account.

Bank of America-branded credit cards are eligible for the Preferred Rewards bonus, so you can earn rewards and discounts on your everyday purchases.

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The Bank of America Preferred Rewards program is a great way to earn bonus points and rewards on your credit card purchases, but before we dive in, let's talk about the program components and eligibility.

To be eligible for the program, you'll need to have a three-month average combined account balance that meets the minimum requirements for each tier. The program has five tiers, ranging from Gold to Diamond Honors, each with its own set of benefits.

The Bank of America Preferred Rewards program offers a rewards bonus on eligible credit cards, with the bonus increasing as you ascend the tiers. For example, Gold tier members receive a 25% rewards bonus, while Diamond tier members receive a 75% rewards bonus.

Here's a breakdown of the five tiers and their corresponding rewards bonuses:

The program also offers other benefits, such as interest rate boosts on savings accounts and discounts on mortgage origination fees. For example, Gold tier members receive a 5% interest rate boost, while Platinum Honors tier members receive a 20% interest rate boost.

It's worth noting that the program has a monthly review period, so your account status will be reviewed every month to determine if you've met the minimum balance requirements for the next tier.

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The Bank of America Preferred Rewards program is a great way to boost your savings and rewards earnings. To become a member, you'll need to have at least $20,000 saved across eligible Bank of America accounts.

As a member, you'll have access to various benefits, including a 5 percent interest rate boost on a Bank of America Advantage Savings account. This can help your savings grow faster over time.

The program has five distinct tiers of status, with the Gold tier being the lowest. To qualify for Gold, you'll need to have at least $20,000 saved across eligible Bank of America accounts. This level offers an entry point into the program and an incentive to save even more over time.

As you save more, you'll move up the tiers and unlock more benefits. With Platinum Honors, members get a 75 percent rewards bonus on their eligible Bank of America credit cards. This is a significant boost to your rewards earnings.

One of the biggest benefits of the program is the rewards bonus on eligible credit cards. With Gold, you'll get an additional 25 percent rewards bonus, while with Platinum Honors, you'll get a 75 percent rewards bonus. This can add up to big savings over time.

In addition to the rewards bonus, members also get discounts on mortgage origination fees. With Gold, you'll get a $200 reduction on the origination fee, while with Platinum Honors, you'll get a $600 reduction. This can help you save money on your monthly home payment.

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The program also offers discounts on interest rates for certain accounts, such as home equity lines of credit and auto loans. With Gold, you'll get a 0.25 percent interest rate discount, while with Platinum Honors, you'll get a 0.125 percent interest rate discount. These discounts can add up to significant savings over time.

Overall, the Bank of America Preferred Rewards program is a great way to boost your savings and rewards earnings. By saving more and moving up the tiers, you can unlock more benefits and save even more money.

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The Bank of America Preferred Rewards program offers a range of benefits and rewards to its members. There are five tiers in total, each with its own set of perks.

The lowest tier is Gold, which requires a three-month combined average daily balance of $20,000 to $49,999. With Gold, you'll get a 25% rewards bonus on eligible Bank of America credit cards, a 5% interest rate boost on a Bank of America Advantage Savings account, and $200 off origination fees when taking out a new mortgage or refinancing your current one.

As you move up the tiers, the rewards and benefits increase. Platinum, for example, requires a balance of $50,000 to $99,999 and offers a 50% rewards bonus, a 10% interest rate boost on a Bank of America Advantage Savings account, and $400 off origination fees when taking out a new mortgage or refinancing your current one.

Platinum Honors, which requires a balance of $100,000 to $999,999, offers a 75% rewards bonus, a 20% interest rate boost on a Bank of America Advantage Savings account, and $600 off origination fees when taking out a new mortgage or refinancing your current one. This tier also offers unlimited fee-free transactions at out-of-network ATMs.

Here's a breakdown of the benefits and rewards offered by each tier:

The rewards you receive will also increase as you ascend the tiers. For example, Gold tier members receive a 25% rewards bonus on eligible Bank of America credit cards, while Platinum Honors members receive a 75% rewards bonus.

To maximize the Bank of America Preferred Rewards program, keep opportunity costs in mind. If you're considering moving a large sum of money to the bank to boost credit card rewards, compare interest rates across different banks to ensure it's worth the tradeoff.

Using your Bank of America credit card for all spending and bills is key to benefiting from bonus rewards. The more purchases you charge to your card, the more rewards you'll earn.

Focus on bonus rewards spending by utilizing your card's bonus categories to the fullest. For example, if you have the Bank of America Premium Rewards credit card and Platinum Honors status, you can earn 3.5 points per dollar spent on travel and dining purchases.

Here are the Bank of America credit cards that qualify for the program, grouped by category:

To maximize the Bank of America Preferred Rewards program, you need to understand how your rewards add up. Rewards credit cards under the Bank of America brand qualify for Preferred Rewards, but business credit cards and certain non-rewards cards are excluded.

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Using your Bank of America credit card for all spending and bills is key to benefiting from bonus rewards. The more purchases you can charge to your card, the more you'll benefit from bonus rewards through the program. To make the most of this, try to use your eligible Bank of America credit card for as much spending and bills as you can.

If you're earning points on your credit card, focus on bonus rewards spending. Make sure you're utilizing your card's bonus categories to the hilt, as doing so can take your rewards balance to greater heights. For example, if you have the Bank of America Premium Rewards credit card and Platinum Honors status, you could be earning 3.5 points per dollar spent on travel and dining purchases.

To give you a better idea of how rewards add up, consider the following:

Keep in mind that you should compare interest rates across several different banks before moving your emergency savings to Bank of America to boost credit card rewards. If you're giving up a high APY on your savings to earn more cash back or travel points, the tradeoff may not be worth it.

To maximize the Bank of America Preferred Rewards program, it's essential to understand how it works. You earn bonus rewards directly tied to how much you keep on deposit with the bank.

One key way to maximize the program is to keep opportunity costs in mind. If you're considering moving a large sum of money to Bank of America to boost credit card rewards, compare interest rates across different banks first.

Using your Bank of America credit card for all spending and bills is crucial. The more purchases you can charge to your card, the more you'll benefit from bonus rewards through the program.

To make the most of your credit card's bonus categories, focus intently on spending in those areas. For example, if you have the Bank of America Premium Rewards credit card and Platinum Honors status, you could earn 3.5 points per dollar spent on travel and dining purchases.

Here's a breakdown of the Bank of America Preferred Rewards tiers and their benefits:

By understanding the program's requirements and benefits, you can make the most of your Bank of America credit cards and earn more rewards.

To get the most out of the Bank of America Preferred Rewards program, you'll need at least $20,000 in eligible Bank of America accounts.

The program is designed for loyal customers who have multiple Bank of America deposit accounts and Merrill investment accounts. To qualify, you must have a Bank of America personal checking account and a three-month combined average daily balance of at least $20,000 in eligible Bank of America and Merrill accounts.

The Preferred Rewards program is separated into five tiers, each requiring a different three-month combined average daily balance. The higher you ascend in the tiers, the more rewards and incentives you receive.

Here are the five tiers and their corresponding balances:

With the Bank of America Preferred Rewards program, you can earn more credit card rewards for each dollar you spend, and even get a rewards boost of up to 75 percent on certain Bank of America credit cards.